VEDA Celebrates Successful Year of Economic Development Lending with Governor Scott and Guests
Vermont Business Magazine The Vermont Economic Development Authority (VEDA) today celebrated a successful Fiscal Year 2025 by hosting its Annual Meeting and Luncheon and releasing its 2025 Annual Report. VEDA closed 173 loans last fiscal year totaling $61.5 million dollars. Those investments leveraged an additional $148.4 million in private and other capital spending.
“It’s truly an honor to lead an organization that is making such a profound impact on Vermont’s economy and people,” says CEO Joan Goldstein. “Our work is not possible without the steadfast partnership of the Vermont banking community, agricultural and forest-product leaders and lenders, regional development corporations, as well as the Scott Administration, state lawmakers, and Vermont’s Congressional Delegation. We are thrilled so many of these colleagues were able to join us today.”
Other highlights from FY25 that can be found in the Annual Report include:
- Investments supporting the creation and retention of 1,748 jobs
- An average hourly wage of $44.03 per hour with benefits at VEDA-financed companies
- Funding 25 start-ups including 12 new farms
- Supporting 16 business transitions
- 48% of VEDA-supported projects were for construction, renovation, and leaseholder improvements.
About 180 guests attended the VEDA Annual Luncheon at The Farmhouse at Sunset Pond at The Essex Resort & Spa. Governor Scott addressed the gathering as did Chunka Mui, nationally acclaimed author and futurist who lives in Chittenden County. Attendees also enjoyed displays by VEDA borrowers ShackletonThomas, Switchback Brewing, and Lyme Green Heat.
Prior to the start of the luncheon, the VEDA Board of Directors met and elected a new chair, Karyn Hale of Waterford. Hale is the Chief Financial Officer, Chief Operating Officer, and Treasurer of Union Bank.
“It’s an honor to be elected VEDA’s Board Chair. I’ve served on the Board of Directors for years because I believe in VEDA’s mission to help Vermont’s economy flourish,” says Hale. “The board is thrilled that Joan Goldstein is now at the helm of VEDA, and we are extremely grateful for the dedicated staff who work day in and day out to invest in Vermont businesses, agriculture, forestry, and nonprofits to the benefit of the entire state.”
You can read the full FY2025 VEDA Annual Report here.
The Vermont Economic Development Authority is the statewide economic development finance organization. An instrumentality of the State of Vermont created by the General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to eligible farms, businesses, foresters, and nonprofit organizations that create jobs and help advance Vermont’s public policy goals.
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